Banca di San Marino responds to Livio Bacciocchi’s reflection
Banca di San Marino replies to the letter from Livio Bacciocchi published in recent days by various San Marino media.
At the end of 2022, the Banca di San Marino Group had over 18,000 customers, around €1.2 billion in funding and €300 million in credit lines.
There is no doubt that the Bacciocchi Group has been one of the main borrowers of money from the BSM Group; money which he then failed to restore.
For this reason, the Bank has taken legal actions aimed at recovering the assets that the Bacciocchi Group had fraudulently diverted to avoid paying creditors compensation. Numerous legal actions aimed at compensating the BSM Group for the activities carried out by the Bacciocchi Group on deeds carried out on their assets (destination deeds, trust contributions, assignment to third parties) intended to compensate unpaid debts.
This is not an opinion of the BSM Group, but a procedural truth both in Italy (luxurious apartment in Riccione revoked for fraud); in San Marino, (revoked, with three distinct pronouncements of the conferral of the prestigious villa in which Bacciocchi lives and two further movable deeds).
Not only. Bacciocchi himself was personally sentenced (definitively) by the Court of San Marino to return large sums of money to the BSM Group, still unpaid.
On the other hand, all the accusations raised by the Bacciocchi Group before the judicial and non-judicial authorities against the BSM Group are declared totally unfounded.
After all, today the certainty remains – the families, professionals and craftsmen affected by the collapse of the Bacciocchi Group are well aware of this – that the BSM Group intervened to complete the construction work left unfinished by the Bacciocchi Group. In addition, while Bacciocchi admitted that he could not return the deposits collected by the San Marino citizens for the “purchase on paper” of the house, BSM took over the cost for over 6 million.
It certainly wasn’t a question of fake respectability, of cloying Christmas spirit, we are not looking for the license of the virtuous but we really do – without lying – the role of local bank.
Finally, no fear arises from the production of previous documents such as the Framework Agreement, which certifies the legitimate reasons of the Banca di San Marino Group. But precisely for the reasons contained therein, the Bank could not remain helpless in the face of a request for free legal aid reserved for those whom the Most Serene Republic of San Marino recognizes as persons in situations of poverty, a circumstance quite different from that of the Bacciocchi Group which fails to describe the amount of assets it still has, despite the fact that the BSM Group estimates the “Bacciocchi affair” at over 100 million euros.
The BSM Group will continue with tenacity, perseverance and rigor in recovering every asset available to satisfy its credit reasons to protect its account holders and shareholders”.